One of downtown Bend’s most historic buildings has sold for $4.3 million – and the new owner plans to restore and redevelop the property, according to Compass Commercial Real Estate, which brokered the deal.
The “Post Office Plaza” at 777 NW Wall St. has been at the heart of Bend’s historical district since 1932.
The buyer, Deschutes Opportunity Commercial Redevelopment, LLC, plans to redevelop the site while keeping its historical architecture intact.
The three-story building originally consisted of a 4,000 SF foundation with one of the levels below grade.
An addition was constructed in the 1980s bringing the square footage up to the 19,352 it is today.
The previous family owned the historic landmark since 1998.
“This trophy, historic downtown property is a landmark in downtown Bend,” said Compass Commercial Broker Howard Friedman. “It is one of the last and oldest remaining properties that were not razed for development over the last century, like the Pilot Butte Inn, the Crane Shed or the A.M Drake Lodge. The purchase of the property by a quality buyer will ensure its legacy in Central Oregon.”
Brian Fratzke, CCIM and President with Fratzke Commercial Real Estate Advisors Inc, represented the buyer and said several options were considered including housing and a hotel, upgraded executive offices and retail space.
“As the buyer is originally from Oregon, they wish to improve the building by enhancing its historic features while providing a high-class asset to the downtown core of Bend,” Fratzke said. “Our community should be excited to see the upgrades and changes beginning in 2021.”
The Old Bend Post Office was constructed by the Public Buildings Program to reduce unemployment and to stimulate the economy.
Its architectural style reflects a modern and classical style with its ornamental elements on the east side of the building.
The reinforced concrete construction was considered unusual for the Bend area at the time and therefore deemed luxurious by the locals.
The building is listed on the National Register of Historic Places.